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Help maximise your money with a savings account

Most of us have a transaction account that we use on a regular basis, but did you know that setting up a linked savings account can be a great way to stay on top of your finances and make your money work harder?
Here are some popular types of savings accounts on offer, and how they could potentially help you achieve your financial goals.

Optimise your savings

Whether you're saving for an emergency fund, a down payment on your first home or your children's education, a savings account can be an effective springboard for achieving your financial dreams.

The good news is, there are currently a wide variety of savings accounts to suit different lifestyles, budgets and financial goals.

You can choose from:

· High interest savings accounts If you want to get more out of your money, high interest savings accounts allow you to earn interest on your unused balance while making it easy to access funds when you need them. Some also offer attractive introductory interest rates for a set period to help give your savings even more of a boost· Incentive/bonus saver accounts If you want to increase your wealth faster, these accounts reward you with bonus interest rates when you meet certain conditions – for example, minimum monthly deposits or limited withdrawals. Bonus saver accounts work well for committed savers who make regular deposits· Online savings accounts Putting your money into an online savings account may be a sound investment if you’re often too busy to visit your local branch. Not only do these accounts let you manage your finances online, they also tend to offer higher interest rates and lower fees than traditional savings accounts· Superannuation savings accounts Combining the best of a savings account with the tax benefits of a super fund, a superannuation account can help you manage your money for a more comfortable retirement. Superannuation accounts offer low-risk capital and a base interest rate, making them a smart choice for older investors who want to earn a steady and predictable return on their savings· Cash management accounts If you want to simplify your finances by managing all your investments from one place, all while earning a competitive interest rate, you may want to consider a cash management account. Giving you a ‘dashboard’ view of your finances, this type of account is a good option for people wanting to take greater control of their money.

How to choose the right account

The best savings account for you will depend on your savings goals and how you like to use and manage your money.

As you compare different options, it’s a good idea to review:

· The standard rate. If you choose an account with a special introductory interest rate, make sure you will still be getting a competitive rate when the offer period is up· Access options. Can you do your banking in person at a branch, online or via the phone?· Available features. Does the account support BPAY, direct debit or direct credit?· How it calculates and pays interest. The more frequently interest is compounded, the more you can potentially earn on your principal.· The terms and conditions. It’s important to be aware of any fees, charges, deposit requirements and restrictions on how you can access funds.· Is it an Authorised Deposit-taking Institution (ADI)? ADIs are subject to regulation by the Australian Prudential Regulation Authority (APRA), so you can rest assured that your money is in safe hands.

Opening a savings account as an adjunct to your transaction account offers flexibility and convenience, while also allowing you to take advantage of attractive interest rates.

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